Welltower Buys Miramar Rehab and Nursing Center for At Least $49.1M

Health care real estate investment trust Welltower paid at least $49.1 million for Glades West Rehab & Nursing Center, a rehab and nursing home in suburban Broward County, according to property records. The 86,009-square-foot complex in Miramar has 120 beds and was completed in 2015. It sits on a 3.7-acre parcel on Bass Creek Road, near Interstate 75.

This is the property's first sale. At just over $409,000 per bed, the recorded price is a benchmark for the market, though the actual cost may be higher because it likely includes furnishings and business operations. David Katz of Brooklyn-based TL Management was the seller. Katz could not be reached for comment, and a Welltower spokesperson did not immediately respond to a request for comment.

The deal fits a pattern of recent South Florida activity by the Toledo, Ohio-based firm. Since last year, Welltower has spent close to $170 million on a 141-unit complex in Aventura, a 22-acre site in Lake Worth and a 220-bed facility in Davie. In February, it also sold a five-property portfolio in Palm Beach County for $81 million. The company's portfolio spans more than 2,500 facilities across the U.S., the U.K. and Canada.

Practical implication: Investors and operators tracking senior-care assets should note the per-bed pricing for South Florida skilled nursing properties.